Yangzijiang Shipbuilding ups interest in steel fabrication

Singapore: Singapore-listed Yangzijiang Shipbuilding is spending RMB12m to boost its steel fabrication volumes as it continues to diversify from its core shipbuilding business during the slump. It has created a new subsidiary Jiangsu Zhuoran Yangzijiang Energy Equipment and two other firms – Shanghai Zhuoran Engineering and Zhuoran Jinjiang Equipment Manufacturing – have paid RMB9m each for a 30% stake in the start-up.

“The investment is in line with the group's strategy to diversify its offering beyond its core shipbuilding business and it can supplement the existing group's business positively,” Yangzijiang said. [16/11/12]